Bank of China to Offer Western Union Money Transfer® Service

Services expected to be available to consumers at over 10,000
locations in China

Signing to expand network of
Western Union agent locations in China to over 32,000

December 09, 2014 08:15 AM Eastern Daylight Time

BEIJING--(EON: Enhanced Online News)--The Western Union Company (NYSE:WU), a leader in global payment
services, and Bank of China Limited (SEHK:3988, SSE:601998) announced
today that the bank will offer Western Union Money Transfer® services at
its branches and sub-branches throughout mainland China.

The services, to be rolled out from January, are expected to allow
consumers to receive international remittances at over 10,000 Bank of
China locations in provinces and regions throughout mainland China.

Jean Claude Farah, President, Middle East, Africa, Asia Pacific, Eastern
Europe & CIS, for Western Union said, “This signing with Bank of China
is a historic moment for Western Union. Bank of China is one of the
world’s leading financial institutions, serving as China’s financial
link to the world for over 100 years. Connecting people across borders
is a heritage we share. We welcome Bank of China to the Western Union
family and look forward to working together to offer fast, reliable and
innovative services to consumers throughout the country.”

Mr. Zhu Shumin, Executive Vice President of Bank of China, said,
“Cross-border financial services have always been Bank of China’s
competitive edge and key focus. Western Union is one of the world’s
largest and most experienced international money transfer companies, and
Bank of China is the most international and diversified Chinese
commercial bank. Our cooperation will allow our joint customers to enjoy
an even bigger range of remittance products, more convenience and raise
our service standards. Through our collaboration, I hope that we can
explore new areas of cross-border business and continually develop new
products to satisfy the diverse needs of cross-border customers.”

The two companies plan to allow Bank of China customers to receive
remittances directly into their online banking-enabled accounts and at
selected self-service kiosks. These services are expected to be
introduced in 2015 and are part of Western Union’s omni-channel strategy
that bridges the customer retail experience with digital innovation.

Western Union® services have been available in China since 1995. With
the addition of Bank of China’s branches and sub-branches, Western Union
Money Transfer® services will be available at over 32,0001
locations nationwide in cooperation with 15 Agents.

About Western Union

The Western Union Company (NYSE: WU) is a leader in global payment
services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western
Union Business Solutions branded payment services, Western Union
provides consumers and businesses with fast, reliable and convenient
ways to send and receive money around the world, to send payments and to
purchase money orders. As of September 30, 2014, the Western Union, Vigo
and Orlandi Valuta branded services were offered through a combined
network of over 500,000 agent locations in 200 countries and territories
and over 100,000 ATMs and kiosks. In 2013, The Western Union Company
completed 242 million consumer-to-consumer transactions worldwide,
moving US$82 billion of principal between consumers, and 459 million
business payments. For more information, visit www.westernunion.com.

About Bank of China

As a 100-year-old brand in China’s financial services sector, Bank of
China is the country’s most international and diversified bank,
providing a comprehensive range of financial services and competitive
expertise in foreign exchange operations with extensive branches
overseas. Benefitting from its global network and foreign exchange
expertise, Bank of China continually pursues advancement and innovation
based on prudent operations and has achieved a leading position in the
Chinese financial industry. In particular, its competitive strength and
good standing in international settlements and foreign exchange
operations has being widely recognized and praised within the industry
and by customers. In 2013, Bank of China was named a Global Systemically
Important Bank, becoming the only financial institution from an emerging
economy to be so listed for three consecutive years.

1 Network data as at 30 September 2014 inclusive of Bank of
China locations.

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